Small business grants are perhaps the most coveted of all types of small business funding. Grants don’t have to be repaid and, unlike equity funding, you don’t give up any ownership of your company. (The IRS does want its share, though, so be prepared for a tax bill.)
How do you actually win a business grant, or at least increase your odds of getting one? Here entrepreneurs who collectively won a variety of small business grants share tips for getting one.
Grant won: $150,000 from the Arizona Innovation Challenge (AIC).
Grant used for: Marketing: Company grew its marketing team from one person to five people, increased monthly ad spend from $30,000 to $100,000 per month, and invested in sponsoring events and podcasts to drive more traffic to its website and fuel growth.
Preparing for a grant is like preparing for an investor pitch—likely even harder, because they don’t have a stake in your business as the downside protection for the investment.
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